This is VERY important. You MUST do an IRA ROLLOVER — directly to a new custodian. Otherwise you could owe taxes on the entire amount –and lose future tax-deferred growth.
I’d suggest you call Fidelity or Vanguard (1-800 FIDELITY or 1-800 VANGUARD) and ask them to help you with this transaction. Then when they ask you how you want to “invest” the money, just tell them you want to put it in their government securities money market mutual fund. That should be the best place for a retiree for a while.
Just remember, DON’T TAKE A CHECK FOR THIS MONEY!! Have the rollover done directly from the company to your new IRA Rollover Account. It’s really very simple and they will help you through the process.